TAX ALERT: New FHC Judgement Nullifies CBN Circular on Collection of N50 Stamp Duty

A Federal High Court (FHC) sitting in Ikoyi Lagos, on 13 March 2017, nullified the circular issued by Central Bank of Nigeria (CBN), which mandates all deposit money banks and other financial institutions to enforce collection of ₦50 stamp duty on all electronic transfers and teller deposits from ₦1,000 and above.